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The most talked about and market moving research calls around Wall Street are now in one place. Here are today's research calls that investors need to know, as compiled by The Fly.
Top 5 Upgrades:
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Cantor Fitzgerald upgraded Regeneron (REGN) to Overweight from Neutral with a price target of $695, down from $800, following a transfer in analyst coverage. The firm argues that at current levels shares are not only pricing in "a near-disappearance of any Eylea contribution," as well as "tariff headwinds, zeroing out of the pipeline," and a haircut to long-term Dupixent estimates.
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Cantor Fitzgerald upgraded Gilead (GILD) to Overweight from Neutral with a price target of $125, up from $100, following a transfer in analyst coverage. Shares re-rated higher over the second half of 2024 with the clinical de-risking of lenacapavir and the firm sees the momentum continuing as the lenacapavir launch and further Biktarvy share gains drive upside to HIV franchise sales growth and a multi-year period of margin expansion over 2025-2030.
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BofA double upgraded Sportradar (SRAD) to Buy from Underperform with a price target of $28, up from $12. The firm cites increasing cost visibility and margin leverage and says it now has higher confidence in Sportradar's revenue outlook.
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BofA upgraded Extra Space Storage (EXR) to Neutral from Underperform with a price target of $155, up from $141. The firm believes Extra Space will benefit from its single brand initiative, where LSI facilities are rebranded as Extra, plus it expects cost savings to continue in 2025.
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BofA upgraded Public Storage (PSA) to Buy from Neutral with a price target of $368, up from $349. Public Storage has the lowest leverage compared to peers, which provides defensiveness if the economy slows and/or capital markets tighten, the firm added.
Top 5 Downgrades:
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Bernstein downgraded eBay (EBAY) to Market Perform from Outperform with a price target of $65, down from $70. The firm says the operating environment for e-commerce has changed, as the data it tracks softened through Q1, while tariffs further "exacerbate the risks."
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Barclays downgraded Texas Instruments (TXN) to Underweight from Equal Weight with a price target of $125, down from $180. The company's China domestic supply and high auto exposure create a "perfect storm," the firm tells investors in a research note.
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HSBC downgraded UnitedHealth (UNH) to Hold from Buy with a price target of $490, down from $600. The firm says it and the company "massively underestimated" cost trends that resulted in UnitedHealth's 12% cut to 2025 earnings guidance.
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Wells Fargo downgraded UPS (UPS) to Equal Weight from Overweight with a price target of $98, down from $120. While it has been optimistic about parcel pricing and the reduction of its network footprint, Wells believes the Amazon (AMZN) glide down becomes more challenging to execute in a weaker underlying environment, and sees elevated risk to volume from tariffs and the elimination of the de minimis exemption.
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Bernstein downgraded Kraft Heinz (KHC) to Market Perform from Outperform with a price target of $31, down from $34. The company continues to lose share in several of its legacy U.S.-focused brands, the firm tells investors in a research note.